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Eastplats Reports Production Results for the Quarter Ended December 31, 2012

Jan 29 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/29/13 -- Eastern Platinum Limited ("Eastplats") (TSX: ELR)(AIM: ELR)(JSE: EPS) reports operating results from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2012 ("Q4 2012").

Production statistics for the current quarter and historical quarters are as follows:

---------------------------------------------------------------------------- Increase Quarter ended (decrease)---------------------------------------------------------------------------- Q4 2012 Q4 2012Production Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, vs. vs. statistics 2012 2012 2012 2012 2011 Q3 2012 Q4 2011----------------------------------------------------------------------------Ounces produced 14,066 21,273 26,412 24,474 19,854 (7,207) (5,788)----------------------------------------------------------------------------Run-of-mine tonnes hoisted 127,654 206,176 257,250 247,538 200,919 (78,522) (73,265)----------------------------------------------------------------------------Run-of-mine tonnes processed 123,222 203,279 252,883 235,354 194,532 (80,057) (71,310)----------------------------------------------------------------------------Development (meters) 1,365 2,066 2,922 3,117 2,929 (700) (1,564)----------------------------------------------------------------------------On-reef development (meters) 350 966 1,653 1,704 1,591 (616) (1,241)----------------------------------------------------------------------------Stoping units (square meters) 16,468 28,943 40,959 39,857 31,767 (12,475) (15,299)----------------------------------------------------------------------------Head grade (grams/tonne) 4.09 4.08 3.99 4.07 4.05 0.01 0.04----------------------------------------------------------------------------Concentrator recovery from ROM ore(i) 72% 76% 79% 77% 76% (4%) (4%)----------------------------------------------------------------------------Chrome dispatched (tonnes) 45,306 53,761 56,521 74,920 62,791 (8,455) (17,485)----------------------------------------------------------------------------(i) Concentrator recovery has been rounded to the nearest percentage point.



The Company is pleased to report that its implementation of a comprehensive mine development plan at CRM is progressing well. As a result of the planned temporary suspension of stoping at the Zandfontein section, production in Q4 2012 is lower than in previous quarters.

The Company will no longer be providing quarterly production figures in advance of the release of its quarterly financial results until full production resumes at Zandfontein, which is anticipated to be in 2014.

The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P.Eng.

Eastplats expects to release its full fourth quarter results on Thursday, March 14, 2013.

Total shares issued and outstanding: 928,187,807

Cautionary Statement on Forward-Looking Information

Certain statements included herein constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements pertain to the price of PGMs, fluctuations in currency markets (specifically the South African Rand and the U.S. dollar), the future development of the Company's projects, and the Company's plans for its properties. These forward-looking statements are based on certain assumptions by the Company and therefore, readers are cautioned that forward-looking statements are not a guarantee of future performance. There can be no assurance that such statements will prove to be accurate and actual results could differ materially from those expressed or implied in such forward- looking statements due to factors such as general economic and market conditions, changes in government legislation, controls, regulations and political developments.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.



Contacts:
Eastern Platinum Limited
Investor Relations
1-(604)-685-6851
1-(604)-685-6493 (FAX)
info@eastplats.com
www.eastplats.com

NOMAD: Cannaccord Genuity Limited, London
Rob Collins
+44 (0) 207 7523 8000

JSE SPONSOR: PSG-Capital (Pty) Limited
Johan Fourie
+27 21 887 9602
johanf@psgcapital.com





Source: Marketwire